tag:blogger.com,1999:blog-18675105.post1356964743876422576..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Here's the 1-year chart for mortgage lender NovaStar, who stopped funding most loans Friday. Look a bit like pets.com to you? Maybe drkoop.com?bloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-18675105.post-1403919322837547042007-08-13T05:36:00.000+01:002007-08-13T05:36:00.000+01:00First of all, the subprime industry has been arou...First of all, the subprime industry has been around, alot longer then the last 5 years. Secondly, all the foreclosures are not because of subprime Lenders, it's from the Bank of America's and the Wachovia's etc. that offered people 1.25% teasers mortgage loans when real-estate was off the charts. No one and I mean No one ever mentions these loans, that for the 1st five and a half years of those payments, you have negative amort. Meaning you end up owing more than you borrowed..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35103328057394566992007-08-04T18:29:00.000+01:002007-08-04T18:29:00.000+01:00At least crack dealers are a bit more honest.At least crack dealers are a bit more honest.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47538733354968955842007-08-04T18:28:00.000+01:002007-08-04T18:28:00.000+01:00"You don't have to spend it working for scum indus..."You don't have to spend it working for scum industries."<BR/><BR/>No matter the industry, everyone is selling and buying bullshit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-90122972440422126652007-08-04T17:09:00.000+01:002007-08-04T17:09:00.000+01:00Right. This is so ridiculous. 3 years ago a High S...Right. This is so ridiculous. 3 years ago a High School grad idiot like me could see disaster on the horizon with these mortgages. Early this year subprime took a huge hit with New Century going tits up. These geniuses in New York couldn't see this coming?<BR/><BR/>Gee? What's the big surprise here? These companies just kept on with business as usual. We all talked about how "They still have ads on TV advertising no doc loans? What's going on". I'm still seeing the same obnoxious mortgage banner ads with dancing aliens and female bubble heads with surprised expressions. It's still business as usual. What's Cramer ranting about?<BR/><BR/>These companies are so heavily in debt that they need new credit constantly to keep going. It's like someone using a new credit card to pay the payment of many previous, maxed out credit cards. It's a complete ponzi borrowing scheme financed by the Fed with easy money.<BR/><BR/>None of the home building or mortgage CEOs I see on television impresses me with their intelligence. They all based their company future on this gravy train going on forever. Maybe, just to keep up with their competitors they had to let total losers get mortgages.<BR/><BR/>I guess in the long run, the optimists, the perma-bulls win. Blind to any downside they plod on and when disaster strikes, their optimistic attitude sucks even Uncle Sam in to rescue them, at the expense of the people who saw the truth, both the good and the bad, who maintained a frugality that once made America great.<BR/><BR/>Oh well. I guess we're freaking doomed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-35799351779906817772007-08-04T12:51:00.000+01:002007-08-04T12:51:00.000+01:00"NEXT" says the Bankruptcy Nazis after AHM files t..."NEXT" says the Bankruptcy Nazis after AHM files their papers and Indymac, Novastar, LEND and CFC are sitting in the waiting room, all looking at each other to see who's going to stand up first!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-47929867209425642432007-08-04T09:22:00.000+01:002007-08-04T09:22:00.000+01:00http://blownmortgage.com/Here's a great post over ...http://blownmortgage.com/<BR/><BR/><BR/>Here's a great post over at blownmortgage:<BR/><BR/>A Quick Recap: The Day The Credit Died<BR/><BR/>Published at August 3, 2007 in Wall Street and Mortgage News/Insight. 0 Comments <BR/>Dear readers - what a day. I wish I could recap everything that happened, and I might get to it this weekend; if I try now I will have been working or on the phone or responding to email or writing for the last 13 hours straight and my wife will kill me - literally. So here is a quick recap:<BR/><BR/>A commenter correctly said that NovaStar was not the only one that ceased funding today; many other lenders did as well. Here is a quick summary of those that I know who temporarily (unless otherwise noted) pulled the lending plug today:<BR/><BR/>NovaStar temporarily suspends funding due to “severe secondary market disruptions” <BR/>1st National Lending Services suspends all of the following products: Jumbo, Alt A, Pay Option Arm’s, and Seconds indefinitely (email to brokers) and throws in a round of layoffs for good measure <BR/>First Magnus suspends all jumbo ARMs and expanded and niche products (email to brokers) <BR/>Credit Suisse Wholesale suspends Subprime, Second Lien, Choice Payment ARMs and all 2 and 3 year ARMs <BR/>Wachovia pulls out of Alt-A temporarily <BR/>Wells Fargo pulls out of Alt-A <BR/>Aegis Wholesale suspends option ARMs, expanded Alt-A and second lien products (email) <BR/>Homecomings eliminates rebate on all Option ARMs (email) <BR/>Countrywide increases pricing and fees on the LTV/FICO/ Documentation type grids for all documentation types, adjustments for Subordinate Financing, Cash out transactions and larger loan balances (email) <BR/>National City makes changes <BR/>IndyMac increases pricing and spreads on Alt-A products <BR/>American Home Mortgage workers pack it up <BR/>Fieldstone stops funding <BR/>Bear Stearns says its the worst they’ve seen it in 22 years <BR/>And to cap it all of Cramer melts down on air on CNBC; so much so that the network needs to throw up a disclaimer or as a new friend called it DisCramer. Get that guy a single malt scotch ASAP!<BR/><BR/>What a Friday. So now the question becomes - Will the Fed cut rates on Tuesday to calm the credit market? What are your thoughts? I have my own but I’ll save them for later.bloggerhttps://www.blogger.com/profile/06585266242070350399noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-89720939039607945012007-08-04T09:21:00.000+01:002007-08-04T09:21:00.000+01:00DOOM DOOM DOOMWhy are people still buying Novastar...DOOM DOOM DOOM<BR/><BR/><BR/>Why are people still buying Novastar.<BR/><BR/><BR/><BR/><BR/>Don't they know<BR/><BR/><BR/><BR/><BR/>Bad debts is begetting more bad debts, which beget even more bad debts.Anonymousnoreply@blogger.com